Nasdaq Golden Dragon China Index Falls 3.3% at Open

The divergence is the story: US-listed Chinese names sold off while the A50 night futures pushed to a fresh intraday high, suggesting the pressure is concentrated in the offshore/ADR complex rather than a broad China repricing. That split matters most for holders of US-listed China exposure, who face a session where sentiment abroad and positioning at home point in opposite directions. Whether the ADR weakness proves a one-day technical move or reflects something more durable in offshore sentiment is the open question worth tracking into the next session.